8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)  October 15, 2018

NVE Corporation
(Exact name of registrant as specified in its charter)

Minnesota	000-12196	41-1424202
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

11409 Valley View Road, Eden Prairie, Minnesota	55344
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (952) 829-9217

                                                                                                                                
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 

Emerging growth company  [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [  ] 
 
Item 2.02. Results of Operations and Financial Condition.
     Furnished as Exhibit 99 is a press release of NVE Corporation reporting results for the quarter ended September 30, 2018.


Item 8.01. Other Events.
     NVE Corporation announced that its Board of Directors approved a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable November 30, 2018 to shareholders of record as of October 29, 2018.

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

Date  October 15, 2018 NVE CORPORATION
(Registrant)

 /s/ CURT A. REYNDERS
Curt A. Reynders
Chief Financial Officer

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INDEX TO EXHIBITS

Exhibit #	Description
99	Press release of NVE Corporation reporting results for the quarter and six months ended September 30, 2018 and announcing a quarterly dividend.

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EX-99

PRESS RELEASE
For immediate release

NVE Corporation Reports Second Quarter Results and Announces Quarterly Dividend

EDEN PRAIRIE, Minn.—October 15, 2018—NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter and six months ended September 30, 2018.

Total revenue for the second quarter of fiscal 2019 increased 7% to $7.51 million from $7.00 million in the prior-year quarter. The increase was due a 10% increase in product sales, partially offset by a 26% decrease in contract research and development revenue. Net income for the second quarter of fiscal 2019 increased 35% to $4.28 million, or $0.88 per diluted share, compared to $3.16 million, or $0.65 per share, for the prior-year quarter.

For the first six months of fiscal 2019, total revenue increased to $14.61 million from $14.60 million for the first six months of the prior year, as a 5% increase in product sales more than offset a 48% decrease in contract research and development revenue. Net income increased 27% to $8.23 million, or $1.70 per diluted share, compared to $6.46 million, or $1.33 per share, for the first half of fiscal 2018.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable November 30, 2018 to shareholders of record as of October 29, 2018.

“We are pleased to report strong product sales growth, record net income, and record earnings per share for the quarter,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. NVE has also licensed its spintronic magnetoresistive random access memory technology, commonly known as MRAM.

Statements used in this press release that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, risks and uncertainties related to future sales and revenue, uncertainties related to the impact of Federal tax reform, risks related to changes in tariffs and other trade barriers, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2018 and other reports filed with the SEC.

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NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS AND SIX MONTHS ENDED SEPTEMBER 30, 2018 AND 2017 (Unaudited)
 

	Quarter Ended Sept. 30
	2018		2017
Revenue
Product sales	$	7,054,977	$	6,387,080
Contract research and development	451,098		609,154
Total revenue		7,506,075		6,996,234
Cost of sales	1,352,845		1,353,169
Gross profit		6,153,230		5,643,065
Expenses
Research and development		971,963		1,030,504
Selling, general, and administrative	377,448		348,363
Total expenses	1,349,411		1,378,867
Income from operations		4,803,819		4,264,198
Interest income	443,325		387,860
Income before taxes		5,247,144		4,652,058
Provision for income taxes	964,534		1,491,023
Net income	$	4,282,610	$	3,161,035
Net income per share – basic	$	0.88	$	0.65
Net income per share – diluted	$	0.88	$	0.65
Cash dividends declared per common share	$	1.00	$	1.00
Weighted average shares outstanding
Basic		4,843,032		4,841,010
Diluted		4,852,644		4,845,632

	Six Months Ended Sept. 30
	2018		2017
Revenue
Product sales	$	13,925,623	$	13,269,753
Contract research and development	688,358		1,334,147
Total revenue		14,613,981		14,603,900
Cost of sales	2,748,850		3,151,535
Gross profit		11,865,131		11,452,365
Expenses
Research and development		1,960,989		1,936,229
Selling, general, and administrative	706,209		747,724
Total expenses	2,667,198		2,683,953
Income from operations		9,197,933		8,768,412
Interest income	868,095		749,638
Income before taxes		10,066,028		9,518,050
Provision for income taxes	1,838,369		3,059,400
Net income	$	8,227,659	$	6,458,650
Net income per share – basic	$	1.70	$	1.33
Net income per share – diluted	$	1.70	$	1.33
Cash dividends declared per common share	$	2.00	$	2.00
Weighted average shares outstanding
Basic		4,842,524		4,841,010
Diluted		4,851,072		4,845,907

NVE CORPORATION
BALANCE SHEETS
SEPTEMBER 30 AND MARCH 31, 2018

	(Unaudited) Sept. 30, 2018			March 31, 2018
ASSETS
Current assets
Cash and cash equivalents	$	6,047,918		$	4,755,082
Marketable securities, short-term		23,941,749			20,765,809
Accounts receivable, net of allowance for uncollectible accounts of $15,000		3,045,230			2,888,779
Inventories		3,575,963			3,650,439
Prepaid expenses and other assets	650,748			635,160
Total current assets		37,261,608			32,695,269
Fixed assets
Machinery and equipment		9,395,987			9,395,987
Leasehold improvements	1,787,269			1,749,284
		11,183,256			11,145,271
Less accumulated depreciation and amortization	10,066,677			9,819,888
Net fixed assets		1,116,579			1,325,383
Deferred tax assets	625,024			572,655
Marketable securities, long-term	46,860,152			52,838,158
Total assets	$	85,863,363		$	87,431,465
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	253,702		$	414,970
Accrued payroll and other	462,262			574,755
Total current liabilities		715,964			989,725
Shareholders’ equity
Common stock		48,440			48,420
Additional paid-in capital		19,817,088			19,599,298
Accumulated other comprehensive loss		(1,031,790	)		(915,635	)
Retained earnings	66,313,661			67,709,657
Total shareholders’ equity	85,147,399			86,441,740
Total liabilities and shareholders’ equity	$	85,863,363		$	87,431,465